Huston Electric has been operating within our community since 1939. They offer electrical contracting services, visual communications and signage, home and business automation, and back-up power needs. Partnering with businesses like Indiana Brotherhood of Electrical Workers (IBEW), Greater Lafayette Commerce, and Indiana Chamber (just to name a few) allows them to deliver exceptional results to their customers. Take a loo

The folks at Huston Electric have a reputation for being community-focused. That’s because they make volunteering within the cities that they serve a priority. They recently helped wire a Habitat for Humanity house. Take a look!

In the last 21 years, the SURF Center has worked to aid our community by providing support to those working to overcome addiction. SURF stands for Service, Unity, Recovery and Fellowship—and suitably so. The center hosts around 80% of Tippecanoe County’s recovery meetings, including 12-step programs. Their staff has created a nurturing environment that promotes sharing and growth.

SURF Center is responsible for many saved jobs, relationships, and lives within our community. By sharing their passion, they make Tippecanoe County stronger as a whole.

Whether you’re in need of help, have questions about addiction services, or are looking to volunteer, the SURF Center is a great place to start.

Located in West Lafayette, Clay Critters was founded in 1978 when Rebecca Bollinger turned her hobby into a business. The twenty craft workers create Handmade in the U.S.A. “critters” from polymer clay. Many of the products offered have a one-of-a-kind “swirled” appearance. Other designs feature metallic, fluorescent, faux granite finish, or a new feature- airbrushing iridescent finishes.

Clay Critters offers free laser-engraved name-drop service for their items. Most of the products are sold to gift shops all around the United States and in the Caribbean, and can be found in many airport gift shops. Other features include refrigerator magnets and the ability to order a critter as a key chain or ornament.

Swan Dermatology & Aesthetics is a well-respected, comprehensive skin care center that has been providing the Greater Lafayette area with expert and trustworthy dermatological and aesthetic solutions for more than 20 years. In every year since 2009, they have won the Journal & Courier’s Readers’ Choice Award for the best dermatologist in the area.

By offering products that they believe in, Swan Dermatology & Aesthetics provides helpful advice in regard to skin care. Whether you know what you are looking for, or seek a consultation, the specialists here help to provide you with the right treatment for your unique skin care needs. Lafayette Community Bank is proud to be a partner to Dr. Lori Swan and her staff.

The quick answer is: in many of the same ways technology has changed almost everything in our lives. This blog can only contain a few of them, so to name a few:

“Back in the day”

Fifty years ago, many banks still posted deposits and checks by hand.

Electronic transfers of any kind (automated deposits, wire transfers, etc.) were rare. One of the results was that no one was paid directly into their account. Lines were long on payday!

Most transactions had to be mailed-in or presented in-person at the bank.

If you wanted to know how much interest was added to your savings account, you had to go to the bank and get it entered in your “passbook.”

Once negotiated, checks had to be transported, often over long distances, back to the bank on which they were written.

If you went to a store, and found you were $5 short, and they wouldn’t take your check, you were out of luck if the bank was closed.

“Today”

You can access your account 24/7.

Get text alerts.

Real-time activity reports.

Checks are now images, not stuffed in bulky envelopes crowding your mailbox every month.

Information available on your personal hand-held device.

Debit cards so you don’t have to carry around large amounts of cash or checkbooks.

Fraud monitoring and protection.

Ability to pay your bills without writing and mailing checks.

Direct deposits—no worrying about losing your paycheck!

What is coming tomorrow? Truly, nobody knows. The bankers of 1964 had no idea what was coming. The children and grandchildren of today’s banking customers may not know what a check book is, much less the checks in it. Their children probably won’t recognize a debit card or an ATM. The future will be exciting, but it won’t be predicable!

All businesses require funding or capital. There are a number of ways to fund your own business. One of the most common sources particularly with new businesses is equity. This can come from personal savings, friends, family or investors. The benefit of this source is that it generally allows for the most flexibility in terms of repayment. Your own savings account can be replenished over time and may not require any return of interest. As for other sources, that all depends on what kind of terms you can work out with friends, family and investors. Most third party investors want to see a return on their investment. Don’t think of it as free money, but rather flexible money.

What if my company needs funding and I want to borrow? What kind of loan do I need and what loan is best for my business?

Let’s start with the reason you need the money and what you intend to finance.

My business is falling short on operating cash. My customers owe me money, they will pay but sometimes I have to wait 45-to 60-days. I also have to keep raw materials on hand and I have some finished product I have yet to ship or invoice.

Solution: You might need a bank operating line of credit. The invoices you have sent to customers represent shipped, finished goods your customer and they have yet to pay. In essence you are acting as their bank. They are using your money. In this case, an operating line of credit may be the right loan for you. You can borrow on the line to provide funds for your business to operate until the invoice is paid by your customer. Keep in mind the receivables need to be current and in good standing.

In addition that raw material in your business and the unshipped finished goods may require funding. In this case an operating line of credit may be a great resource. Not all inventory is suitable for bank funding. Highly specialized materials and finished goods may not be the best fit.

In either case the bank may require that you provide a borrowing base certificate that lists all your current accounts receivable and your inventory. Most banks will consider financing up to 75% of eligible receivables and 50% of inventory. The bank will ask that you at pay accrued interest monthly and may require that you pay the line to 0 during the year. Example: a $100,000 line of credit at 4.50% would cost $4,500 for the entire year if 100% of the balance were outstanding for 12 months.

Sales are increasing and I need to increase capacity. I need some new equipment.

Solution: This is a great reason to need a bank loan. Adding equipment increases production and capacity for more. However it can be expensive. Coming up with that amount of cash might exhaust your working capital (cash). An equipment term loan may be the best answer. Generally you will need to come up with 25% of the cost and the bank will fund the other 75% required. The bank will then provide you with time to repay the loan, generally 3 to 5 years. Example: $100,000 cost, 25% down payment = $75,000 / 5 years / 4.50% = $1,398 / month or $16,778 per year.

Sales have increased I have inventory and equipment wall to wall and I have no room to move?

Solution: Another great reason to borrow. Adding space can also increase production, efficiency and sales. Again new construction is expensive as is land. Taking the funds from working capital may hinder the company’s operations. A real estate term loan may be the answer. Example: $500,000 cost for a new building. Bank will require a 20% down payment. Loan amount $400,000. With an initial rate of 4.50%, subject to adjust every 5-years until maturity not to exceed 20-years your monthly payments would be $2,530.00. This keeps much of the cash in the business and allows it to pay for the building over time.

These are just three basic types of bank loans that are available. Each business is unique and we can tailor the loans to fit your needs. We also have the ability to offer SBA loans and we will address that topic in our next blog! Stay tuned!

This little three digit number can really affect your budget. Lenders use this score to determine the terms of credit they may extend to you. Auto and homeowner’s insurance companies, and phone companies use credit scores to decide to do business with you. The higher the credit score the lower your costs may be. The credit score is also called the FICO score after the company, Fair Isaacs Corporation, which developed the system of analyzing the information contained in your credit report. The information analyzed includes your payment history, the number of delinquent debts you may have, your total existing debt, and the length of time you may have had the accounts opened.

If you want to improve your score, your journey begins with obtaining a copy of your credit report. Review the report for accuracy and immediately dispute the errors. Get current on all of your accounts and stay current on all your accounts. Past due amounts and late payments negatively affect your score. Pay down revolving accounts such as credit cards so that the balance of the account is no more than 30% of the credit limit. Do not close inactive accounts. Do not pay for your credit report (you are entitled to one free each year) and do not pay someone else to improve your credit score for you. Do visit www.consumer.ftc.gov and click on the “Money and Credit” tab. You will find instructions on how to obtain your free report and how to dispute any errors you find. There is a wealth of information on this consumer protection site that can help you improve your credit score.